Must-Know Tax Deductions for Wellness Businesses
You’ve spent all year investing in your wellness business, your employees, and your future. Come tax time, many of these expenditures qualify as deductions. If an expense is integral to your wellness business’s operations, it’s likely deductible.
We recently teamed up with our friends at Bench to compile a list of the most common tax deductions, specific to wellness businesses. For the full list of deductions, download the checklist here. Here’s a preview to get you started.
Four must-know tax deductions for wellness businesses:
1. Furniture and equipment can be written off
Consider any purchases you’ve made in the past year toward beds, tables, and chairs in treatment rooms. If you’ve recently purchased waiting room furniture for your business, this counts, too.
2. Clinic and treatment supplies can earn you deductions
Undoubtedly in the past year your business has restocked the essential supplies you need to help your clients. Don’t forget about all of these. Consider any vitamins, minerals, gels used, or massage supplies such as oils and creams. Even items in your waiting room can fall into this category, including magazines, plants, coffee, and water.
3. Many employee expenses are deductible
The expenditures that allow your staff to do their jobs at your business can help you during tax season. This includes regular employee salaries and benefit plans as well as the use of outside contractors or consultants. If your staff wear uniforms or tunics, this is also a potential deduction (so long as they’re only worn at the business).
With so many potential deductions, it can be hard to keep them all straight. That’s why we put the most common tax deductions for integrative health businesses in one place. Download it today and be sure to discuss it with your trusted tax advisor.
This information contained herein does not constitute financial, legal, or other professional advice and is meant to be used solely for informational purposes. It does not take into account your specific circumstances and should be not acted on without full understanding of your current situation, future goals and/or objectives by a qualified professional. Mindbody and Bench assume no liability for actions taken in reliance upon the information contained herein.